资本风云丨“男人的世界”太难了：金利来业绩预亏，退市未果转型艰难

Core Viewpoint - The company, once a leading name in the domestic apparel industry, is now facing significant operational challenges, including a profit warning and a failed privatization plan, leading to a substantial drop in stock price [2][4][19]. Group 1: Financial Performance - The company issued a profit warning, expecting a loss of up to 10 million HKD for the six months ending June 30, 2025, compared to a net profit of 58.2 million HKD in the same period last year [4][6]. - This marks the first loss in 23 years since 2002, with apparel sales dropping approximately 24% year-on-year, reflecting cautious consumer sentiment [6][12]. - Revenue has declined for two consecutive years, with figures of approximately 1.416 billion HKD, 1.331 billion HKD, and 1.219 billion HKD from 2022 to 2024, representing year-on-year declines of 6% and 8.4% [7][8]. - The company's shareholder profit has also decreased for three consecutive years, with figures of approximately 221 million HKD, 154 million HKD, 116 million HKD, and 93.1 million HKD from 2021 to 2024, showing declines of about 30.1%, 24.8%, and 19.9% [8][9]. Group 2: Business Segments - The company's main business segments include apparel and property investment, with apparel sales historically accounting for over 80% of revenue until 2020 [9][10]. - The company has diversified into the photovoltaic industry, generating 112.8 thousand HKD in electricity sales, but this is a nascent segment [10][11]. - The property development segment has also underperformed, with significant declines in sales from the Meixian project, contributing 139 million HKD in 2022 but dropping to 49.2 million HKD in 2024, a year-on-year decline of 46.83% [10][11]. Group 3: Market Challenges - The company has faced a doubling of e-commerce complaints, with 1,075 and 2,974 complaints in 2023 and 2024, respectively, indicating growing customer dissatisfaction [25][26]. - Recent quality control issues have been highlighted, with a product failing to meet quality standards, leading to fines and further reputational damage [26][28]. - The company’s attempts to rejuvenate its brand through new product lines and e-commerce initiatives have not yielded the desired results, with ongoing declines in apparel sales [23][24]. Group 4: Privatization Attempt - The company's chairman proposed a privatization plan to acquire the remaining 31.25% of shares at a significant discount to net asset value, which was met with substantial shareholder opposition, resulting in a failed vote [19][21]. - Following the failed privatization, the stock price plummeted nearly 40%, closing at 0.99 HKD per share, a drop of 33.56% [21][22].